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While integrating wind power into the electricity market can reduce the operational and fuel costs of the power system, it also increases the imbalance cost and the need for reserve. Due to this contradictory, there is a need for planning the amount of wind power in the power system. This paper proposes a model to determine the real-time optimal participation of wind power in an electricity market. This model assumes that the system operator will regulate the participation level of the wind power due to the increasing cost of reserve. Case studies are presented to demonstrate the use of the proposed model to determine the real-time optimal participation of wind power in a practical power system for various scenarios.